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作者：Bell, Timothy B.; Doogar, Rajib; Solomon, Ira
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：The adoption of business risk audit (BRA) approaches during the 1990s by several leading audit firms has been the subject of considerable scrutiny and commentary. Under BRA, the auditor responds to the increasing complexity of auditee financial reports by acquiring a deep and comprehensive understanding of the auditee's industry, strategy, business models, and processes-tasks best accomplished by higher-ranked labor-and by employing this understanding to make audit labor allocations. Using pro...
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作者：Thomas, Jacob; Zhang, Frank
作者单位：Yale University
摘要：Prior research has documented that earnings announcements provide information not only about the announcing firm but also about other firms in the same industry. We document a stock market anomaly associated with this phenomenon of intra-industry information transfers by showing that the stock price movements of late announcers in response to earnings reported by early announcers are negatively related to subsequent price responses of late announcers to their own earnings reports. Apparently, ...
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作者：Cardinaels, Eddy; Roodhooft, Filip; Warlop, Luk; Van Herck, Gustaaf
作者单位：Tilburg University; KU Leuven; Vlerick Business School; KU Leuven
摘要：This paper experimentally investigates how leaders and followers in a duopoly set prices for two product markets that have different overhead costs. In a fully crossed two-by two design, we manipulate the participants' private cost report quality as either low or high, representing the extent to which these reports reveal that product markets have different overhead costs. We show that when only the leader is given a high-quality cost report, private cost information of higher quality is bette...
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作者：Ke, Bin; Petroni, Kathy R.; Yu, Yong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Michigan State University; University of Texas System; University of Texas Austin
摘要：We assess the impact of Regulation Fair Disclosure (Reg FD) on the trading behavior of transient institutional investors in the quarter prior to a bad news break in a string of consecutive earnings increases. Bad news breaks are defined as breaks that are by growth firms, preceded by longer strings of consecutive earnings increases, followed by longer strings of consecutive earnings decreases, and associated with larger declines in earnings. Pre-Reg FD transient institutions have abnormal sell...
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作者：Weber, Joseph; Willenborg, Michael; Zhang, Jieying
作者单位：Massachusetts Institute of Technology (MIT); University of Connecticut; University of Southern California
摘要：We study the stock and audit market effects associated with a widely publicized accounting scandal involving a public company (ComROAD AG) and a large, reputable audit firm (KPMG) in a country (Germany) that has long provided auditors with substantial protection from shareholder legal liability. We use this event to study whether an auditor's reputation helps to ensure audit quality, a rationale for which recent literature and events provide scant support. Given the absence of a strong insuran...
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作者：Jayaraman, Sudarshan
作者单位：Washington University (WUSTL)
摘要：I examine whether earnings that are smoother or more volatile than cash flows provide or garble information. Consistent with theories that predict more informed trading when public information is less informative, I find that bid-ask spreads and the probability of informed trading are higher both when earnings are smoother than cash flows and also when earnings are more volatile than cash flows. Additional tests suggest that managers' discretionary choices that lead to smoother or more volatil...
